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Wayne County/Highland Park/48203

48203

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

205High yield potential

095130300
BRFMR
Eff. Rent
0 BR$800$880
1 BR$890$980
2 BR$1,110$1,120
3 BR$1,350$1,410
4 BR$1,470$1,570
5 BR$1,690Not available
6 BR$1,944Not available
7 BR$2,236Not available
8 BR$2,571Not available

Purchase Price Calculator

Maximum purchase price
$104,515

Cost breakdown

+Likely effective rent$1,120
HUD FMR$1,110
Market rent$1,130
Est. payment standard (101%)Used$1,120
-Principal and interest-$528
Loan amount$83,612
Down payment$20,903
Rate6.50%
Term30 years
-Operating costs-$392
Property taxes-$105
Insurance-$175
Utilities$0
HOA$0
Management-$112
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,232(87.2% ROI)
Projected value
$112,551
Return breakdown
Property appreciation+$8,036
Loan principal paid down+$2,996
Rental cash flow+$7,200
5-year hold
+$31,076(148.7% ROI)
Projected value
$118,249
Return breakdown
Property appreciation+$13,734
Loan principal paid down+$5,342
Rental cash flow+$12,000
10-year hold
+$66,002(315.8% ROI)
Projected value
$133,788
Return breakdown
Property appreciation+$29,273
Loan principal paid down+$12,729
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.86
1 BR
0.86
2 BR
0.98
3 BR
0.94
4 BR
0.90
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48203 (Highland Park, MI) is $1,110 a month. That is up 3.7% from $1,070 in FY 2026. Highland Park is in the Detroit-Warren-Livonia, MI HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 83 ZIP codes in Wayne County, 48203 has the 81st-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48203 is 2% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48203
BedroomsFY 2027Change90–110% range
Studio$800+3.9%$720–$880
1BR$890+4.7%$801–$979
2BR$1,110+3.7%$999–$1,221
3BR$1,350+3.1%$1,215–$1,485
4BR$1,470+3.5%$1,323–$1,617

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48203
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$800$890$1,110$1,350$1,470
FY 2026$770$850$1,070$1,310$1,420
FY 2025$830$920$1,170$1,440$1,550
FY 2024$770$860$1,100$1,360$1,470
FY 2023$660$770$980$1,240$1,330

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48203
48195$1,360+22.5%
48198$1,510+36.0%
48201$1,340+20.7%
48202$1,350+21.6%
48203Current$1,110—
48204$1,270+14.4%
48205$1,360+22.5%
48206$1,180+6.3%
48207$1,380+24.3%
48208$1,180+6.3%
48209$1,070−3.6%
48210$1,200+8.1%

Questions about ZIP 48203 rents

How much will Section 8 pay for a two-bedroom in ZIP 48203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,110, that basic range is $999 to $1,221 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 48203 in?

ZIP 48203 is in the Detroit-Warren-Livonia, MI HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 48203 for FY 2027?

The two-bedroom FMR rose 3.7%, from $1,070 in FY 2026 to $1,110 in FY 2027. Since FY 2023 it has risen 13.3%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentHighland Park, MI fair market rentMI statewide rentsWhat is SAFMR?Data sources